Philippines Trade Balance

Philippines: Exports contract for a third consecutive month

September 13, 2011

In July, merchandise exports declined 1.7% over the same month last year, which was above the 9.4% decrease observed in June. The drop mainly reflected a decline in shipments of manufacturing products. In particular, electronic goods, the country's main export, fell 21.3% in July. The decline reflects weakening external demand amid the stuttering global economic recovery. Meanwhile, in June, the latest month for which data are available, imports expanded 6.6% year-on-year (May: +1.6% yoy). The trade balance remained in the red and recorded a shortfall of USD 376 million in June.

Philippine exports contracted in November, after 12 months of expansions, mainly on the back of plummeting demand from Japan and a notable decrease in overseas orders to the United States and China, which more than offset stronger demand from Hong Kong and Singapore.